Last week, the IRS announced its immediate moratorium on processing new employee retention credit (ERC) claims in an effort to protect taxpayers from an increasing number of scams. We covered this announcement and what it means on our blog.
We recognize that you may have questions about the moratorium and how to navigate the complex process associated with the ERC. Here is some additional information about the resources available from the IRS.
Special eligibility checklist: The IRS has a new ERC eligibility checklist to determine whether your business is eligible to claim the ERC. It can also help you determine whether you might need to resolve an improper claim.
Many businesses have been misled by aggressive promoters, so using this checklist can help you figure out whether you were the victim of a potential scam. It’s also vital to consult with a trusted tax professional.
Frequently asked questions: The IRS also updated its FAQ page with new questions and answers that many business owners have been asking. Review this list to get answers to your questions.
You can also check the full page on the IRS website for any updates. If you need to report a possible scam that involves the ERC, you can do so through that page.
This article is informational and does not constitute legal or financial advice. Consult with an employment lawyer or accountant for additional clarification on how these changes impact your company.